Telangana [India], February 1 (ANI): Bharat Rashtra Samithi MLC Kavitha Kalvakuntla on Wednesday termed the Union Budget presented by Union Finance Minister Nirmala Sitharaman as a “failure” of the Central government.
Speaking to ANI, Kalvakuntla said, “The budget is a mathematical confirmation of the failure of the Modi government. This seems like a budget for few states.”
“Centre announces development projects in either poll-bound states or BJP-governed states. Did they announce Rs 10,000 crore for infrastructure, which infrastructure? They are not clear. They owe us Rs 1,000 crore and I request Finance Minister to pay our dues,” Kalvakuntla further added.
KC Venugopal also targeted the government for a poor track record of fulfilling promises.
“You have to examine the past promises in the budget. How much have they been fulfilled? The government has promised many programmes for the farmers but nothing has been fulfilled. This government’s track record of fulfilling promises is very low. They may announce anything in the budget like their manifesto,” he said.
Notably, Union Finance Minister Nirmala Sitharaman announced an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh stating that the new tax regime will now be the default tax regime.
The Finance Minister also proposed to change the tax structure in this regime by reducing the number of tax slabs to 5 and increasing the tax exemption limit to Rs 3 lakh.
On personal income tax, the FM announced that “Tax for income of Rs 0-Rs 3 lakh is nil, for income above Rs 3 lakh and up to Rs 5 lakh will be taxed at 5 per cent, for income of above Rs 6 lakh and up to Rs 9 lakh will be taxed at 10 per cent and for income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20 per cent and above 15 lakhs at Rs 30 per cent.”
Nirmala Sitharaman presented the Union Budget 2023 today in Lok Sabha. This was the third time in a row that the government presented the budget in a paperless form.
Highlights of the budget presented by the Union Finance Minister included significant incentives under the new income tax regime. The IT rebate limit in the new regime has been increased from Rs 5 lakh to Rs 7 lakh and the new tax regime will be the default tax regime, the Finance Minister said.
Capital expenditure outlay has been increased by 33 per cent to Rs 10 lakh crore, accounting for 3.3 per cent of the GDP. (ANI)
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